Monte Paschi auditors see losses at 550 million euros: paper

Published January 28, 2013

| Reuters

Scandal-hit Italian bank Banca Monte dei Paschi di Siena faces losses of around 550 million euros ($741.1 million) from two derivatives trades, according to a review by external consultants Eidos and PricewaterhouseCoopers cited by Italian daily La Stampa on Monday.

The bank could not be immediately reached for comment.

Italy's third-biggest lender, which needs state loans to stay afloat, last week said opaque derivatives trades, conducted between 2006 and 2009, could cost it up to 720 million euros.

The bank said a review of trades and their impact on its accounts was due to be completed in the first 10 days of February.

The newspaper did not specify whether the figure was a bottom-line loss on the bank's 2012 accounts or the overall loss linked to the two trades.

At least one more trade is still under review, the newspaper said, adding that the impact on the bank's accounts was expected to be limited. ($1 = 0.7421 euros)

(Reporting by Jennifer Clark; Editing by David Holmes)

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